It is lovely to feature in other people's dreams. The problem comes when they wake up. Barack Obama is an eloquent, brainy and likeable man with a fascinating biography. He is not George Bush. Those are great qualities. But they are not enough to lead America, let alone the world.
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Admittedly, the presidential to-do list is terrifying. The economy requires his full-time attention. So does health-care reform. And climate change. Indeed, he deserves praise for spending so much time on thankless foreign policy issues. He is tackling all the big problems: restarting Middle East peace talks, defanging Iran and North Korea and a "reset" of relations with Russia. But none of them are working.
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Regimes in Moscow, Pyongyang and Tehran simply pocket his concessions and carry on as before. The picture emerging from the White House is a disturbing one, of timidity, clumsiness and short-term calculation. Some say he is the weakest president since Jimmy Carter.
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The grizzled veterans of the Democratic leadership in Congress have found Mr Obama and his team of bright young advisers a pushover. That has gravely weakened his flagship domestic campaign, for health-care reform, which fails to address the greatest weakness of the American system: its inflated costs.
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His free trade credentials are increasingly tarnished too. His latest blunder is imposing tariffs on tyre imports from China, in the hope of gaining a little more union support for health care. But at a time when America's leadership in global economic matters has never been more vital, that is a dreadful move, hugely undermining its ability to stop other countries engaging in a ruinous spiral of protectionism.
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Even good moves are ruined by bad presentation. Changing Mr Bush's costly and untried missile-defence scheme for something workable was sensible. But offensively casual treatment of east European allies such as Poland made it easy for his critics to portray it as naïve appeasement of the regime in Moscow.
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Mr Obama's public image rests increasingly heavily on his extraordinary speechifying abilities. His call in Cairo for a new start in relations with the Muslim world was pitch-perfect. So was his speech in Ghana, decrying Africa's culture of bad government.
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His appeal to both houses of Congress to support health care was masterly – though the oratory was far more impressive than the mish-mash plan behind it. This morning he is blitzing the airwaves, giving interviews to all America's main television stations.